From time to time, licensed employees may communicate on social media in other languages. This can make it difficult for compliance and marketing teams to review advertisements to ensure compliance with industry standards.
Financial institutions should also be aware that advertising in another language than English, while promotional of fair lending efforts, may be seen as a violation under the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). Financial institutions should consider if the other language can be carried throughout all parts of the loan transaction. If a licensed employee advertises in one language, but the lender cannot support that language in the required disclosures and loan paperwork then a bait-and-switch deceptive practice has likely occurred. To learn more about this topic, lenders can read the CFPB's Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (LEPs).
To address this issue, ActiveComply has the Translations Collection Folder. This collection folder will isolate post content that is made in a language other than English. This functionality will translate post content from over 100 different languages, including Spanish, French, Korean, and more.
Users will see the post content translated into English for ease of compliance review. To see the post content in it’s original form, users may select [Translated text – see original].
When selected, the original post text language will display below for further review. Users may select [Hide original text] to close this view.
Through this feature, lenders can catch advertisements made in languages not support by the financial institution's operations and issue corrective action.